PDVSA’s El Palito refinery in Puerto Cabell
Venezuela’s limited oil sanctions relief
Washington’s move to ease restrictions on Caracas will likely have a more meaningful impact on US refiners than global crude markets
The US suspended selected sanctions on Venezuela on 18 October in response to the signing of an “electoral roadmap” between the Maduro government and the political opposition. Most observers are sceptical over how much of an impact the apparent rapprochement might have on the global oil markets, given the temporary nature of the sanctions relief and Venezuela’s degraded production capabilities. That is not to say the step will not move the dial for the US oil industry itself, which relies on heavier, sourer grades—typically from Canada—to blend with lighter, sweeter home-grown grades. So any extra flows from Venezuela—a traditional supplier of crude to its North American neighbour—will certa
Also in this section
14 April 2026
The GECF has warned it may revise its projections for demand this year downwards in light of conflict in the Middle East, although it maintains its forecasts for 2027 and onwards
13 April 2026
Petroleum Economist analysis highlights sharp shift from crude oversupply to market deficit, with Iraq and Kuwait badly affected and key producers Saudi Arabia and the UAE also seeing output sharply lower
13 April 2026
Turkmenistan is moving ahead with a modest expansion of the giant Galkynysh field to sustain gas deliveries abroad, but persistent delays to other key pipeline projects and geopolitical risks continue to constrain its export ambitions
13 April 2026
Expensive electricity has forced out swathes of energy-intensive industry and now threatens the country’s ability to attract future investment in datacentres and the digital economy
